The CAC 40 index fell 1.31% to 5,689.25 points around 10:45 a.m.

The day before, the Parisian rating had rebounded slightly by 0.19%, after a very volatile session.

For Christopher Dembik, director of macroeconomic research at Saxo Bank, "investors understand that we are entering a long crisis which, unlike previous periods of turbulence, is taking place against a backdrop of scarce liquidity and rising interest rates. interest".

Lately, the markets are mainly concerned that the powerful tightening of monetary policies by the major central banks to fight inflation will cause a sharp slowdown in the economy.

At a time when warnings of a potential global economic crisis are increasing, the American executive believes that the world's leading power "remains resilient in the face of global challenges", the White House said on Wednesday, after a meeting of several ministers and advisers around President Joe Biden.

But the picture emerging in Europe is less bright: the rise in prices linked to the energy crisis should continue in Germany in 2023, reaching 8.8% in annual value and contributing to the country's entry into recession with a decline of GDP by 0.4% next year, according to forecasts from the main economic institutes published on Thursday.

Investors also fear the effects on the deficit and debt of the United Kingdom of a very costly plan to support the economy and tax cuts, announced Friday by the government of the new British Prime Minister, Liz Truss.

On Wednesday, the BoE initiated a program to buy back British public debt securities to support its currency and stop the fall in government bond yields caused by the presentation of this budgetary plan.

This intervention made it possible on Wednesday to lower the yields of long-term British bonds, to bring oxygen to the equity markets and to blow the dollar.

But all these effects faded on Thursday morning: the pound lost 0.98% to 1.0782 dollars around 10:15 a.m., after falling a little earlier to 1.0763 against an American currency which appreciated overall.

Accor raises its forecasts

The hotel group (+ 1.95% to 22 euros around 10:30 a.m.) announced on Wednesday to raise its gross operating surplus target for this year, now expected between 610 to 640 million euros.

He also announced that he was "in exclusive negotiations with the Valesco group, in order to sell the building of its head office in Paris, the Sequana Tower, for an amount of 465 million euros".

This transaction should be completed by the end of the year.

Orpea in the red

The group of private nursing homes, shaken since January by a scandal involving its practices, fell into the red in the first half due to asset write-downs and expects a difficult second half.

The action fell 8.57% to 12.22 euros.

© 2022 AFP